Guidance
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Upcoming Deadlines and Effective Dates
• SEC Request for Comment
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Education and Compliance Programs
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Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, we discuss the latest ins and outs of generative AI and large language models. Listen to the podcast.
| | Guidance The FINRA Board of Governors is holding its first meeting of the year this week. Read CEO Robert Cook’s email to firms previewing topics the Board is scheduled to discuss.
FINRA published a Cybersecurity Advisory to warn member firms of continuing social engineering campaigns involving fraudulent representations of individuals purporting to be FINRA representatives.
As a reminder, FINRA published Regulatory Notice 24-04 to adopt amendments to conform its rules to the SEC’s amendments to Rule 15c6-1 and adopt Rule 15c6-2 under the Securities Exchange Act of 1934 to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1).
Also as a reminder, FINRA published Regulatory Notice 24-05, adopting new Rule 6151 (Disclosure of Order Routing Information for NMS Securities) to require members to submit to FINRA for centralized publication the order routing reports required under the Securities and Exchange Commission’s (SEC) Rule 606(a) (Rule 606(a) Reports).
FINRA published Special Notice 2/27/24 to promote involvement by member firms’ employees and other interested parties with diverse skills, backgrounds, perspectives, and experiences to become involved in FINRA Advisory and Ad Hoc Committees and provide innovative feedback and support FINRA’s mission.
| | Upcoming Deadlines and Effective Dates Web EFT Retires November 2024
This is a reminder to firms using the legacy Web EFT service that effective Nov. 15, all associated XML file upload and download functionality will be completely retired. Current Web EFT subscribers wishing to continue making automated data transfers with FINRA must transition to using the new FINRA API platform. Key milestones and frequently asked questions are on the platform’s Web EFT Sunset page.
SEC Request for Comment
On Feb. 22, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change, as modified by Amendment No. 1, to amend FINRA Rule 2210 (Communications with the Public) to permit, when specified conditions are met, the use of projections of performance or targeted returns in institutional communications and specified communications to qualified purchasers. Comments are due Wed., March 20. Rebuttal comments are due Wed., April 3. See the Federal Register notice.
| | Education and Compliance Programs Register today for the 2024 Fixed Income Examination and Investigation Priorities Webinar. Join FINRA Member Supervision and Market Regulation and Transparency Services as they provide insights into 2024 key examination and investigation priorities and recent findings related to fixed income securities and municipal advisory activities. This free, 75-minute session assists firms in understanding what to expect in 2024, topics that firms should consider to bolster their compliance practices and get answers to firm’s most pressing questions related to fixed income securities and municipal advisory activities.
Reminder: The recording of the Small Firm Conference Call: Regulatory Notice 24-02 is now available to FINRA member firms. During this call, FINRA CEO Robert Cook and Member Relations and Education Vice President Kayte Toczylowski were joined by FINRA senior staff to discuss the Notice, which highlights the new Residential Supervisory Location designation and the Remote Inspections Pilot Program. Register to listen. Register for FINRA’s upcoming events: |
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